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MAR 06 2018

ReNew Power raises 1,000 cr from HSBC Bank

  • Economic Times, ET Bureau / Hyderabad
  • Created: Tue 06th MAR 2018

 

ReNew Power Ventures, one of the country’s largest clean energy companies, has raised 1,000 crore from HSBC Bank for its new projects.

The company is owned by Sumant Sinha, son of former Finance Minister, Yashwant Sinha. The funds, according to business intelligence platform paper.vc, were raised via non-convertible debentures from HSBC Bank, as per filings with the Registrar of Companies. The company had earlier raised 250 crore from SBI Mutual Fund in January, 121 crore from L&T Income Opportunities Fund last November, and 25 crore from L&T Floating Rate Fund.

Sinha, founder chairman and CEO of ReNew Power Ventures, has previously raised funds from Goldman Sachs, Abu Dhabi Investment Authority, Asian Development Bank, and Global Environment Fund. The company has commissioned over 1,000 MW of solar and wind energy plants and has developed a pipeline of over 1,500 MW of wind and solar rooftop projects, according to its website.

ReNew Power has signed a series of MoUs with some State governments to set up power plants. Last month, it signed an MoU with the Government of Andhra Pradesh to invest 13,000 crore in renewable energy projects. The MoU envisages the development of 1000 MW of installed capacity for solar and 1000 MW of wind projects over the next five years in projects expected to create 4,000 jobs. The company recently signed a deal with the Uttar Pradesh Government under which it will invest 8,000 crore to set up 1,200 MW of renewable energy capacity.

Last year JERA Co Inc, a leading Japanese power company with a global presence, invested $200 million to acquire a 10 per cent stake in ReNew Power Ventures. With this, ReNew Power is now valued at $2 billion. JERA is a joint venture between two of Japan’s largest utilities companies, Tokyo Electric Power Co., Inc. and Chubu Electric Power Co., Inc.

Tags

Uttar Pradesh Andhra Pradesh Finance Renewable Energy Wind Clean Energy Energy Joint Venture Memorandum Of Understanding Asian Development Bank Japan Power Solar SBI Asian Hotels North

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